World Trade: The War over Steel

Steel, the world's basic industry, is locked in a bitter international price war. With steel profits sliding in almost every industrialized nation—the auto boom and buying as a strike hedge made the U.S. an exception in the year's first half —catcalls and complaints of dumping and cheating are flying back and forth across national borders.

U.S. steelmakers complain of inroads by the Western Europeans; the French snap crossly at the Belgians; the Germans lash out at the British, the French, the Belgians and the Swedes; and no one, of course, has a kind word for Japan's low-cost producers. Last week, alarmed...

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